Registered number
11301321
Olof Martin Real Estate Limited
Filleted Accounts
30 April 2023
Olof Martin Real Estate Limited
Registered number: 11301321
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 906,146 338,500
Current assets
Debtors 4 12,219 -
Cash at bank and in hand 4,387 3,875
16,606 3,875
Creditors: amounts falling due within one year 5 (282,535) (112,353)
Net current liabilities (265,929) (108,478)
Total assets less current liabilities 640,217 230,022
Creditors: amounts falling due after more than one year 6 (577,994) (256,796)
Provisions for liabilities (24,908) -
Net assets/(liabilities) 37,315 (26,774)
Capital and reserves
Called up share capital 10 10
Profit and loss account 37,305 (26,784)
Shareholders' funds 37,315 (26,774)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Gerlin
Director
Approved by the board on 20 March 2024
Olof Martin Real Estate Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rental income receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 May 2022 338,500 - 338,500
Additions 461,867 6,146 468,013
Surplus on revaluation 99,633 - 99,633
At 30 April 2023 900,000 6,146 906,146
Depreciation
At 30 April 2023 - - -
Net book value
At 30 April 2023 900,000 6,146 906,146
At 30 April 2022 338,500 - 338,500
Freehold land and buildings: 2023 2022
£ £
Historical cost 816,424 338,500
Cumulative depreciation based on historical cost 24,818 8,490
791,606 330,010
4 Debtors 2023 2022
£ £
Other debtors 12,219 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 282,535 112,353
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 565,994 256,796
Other creditors 12,000 -
577,994 256,796
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 12,000 -
Instalments falling due for payment after more than five years 572,314 256,796
584,314 256,796
Secured bank loans 572,314 256,796
The three bank loans within Creditors: amounts falling due after one year are secured individually against the three investment properties held by the company.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Gerlin
Directors loan account (56,359) 2,850 (161,422) (214,931)
T Thackray
Directors loan account (55,394) 6,000 (14,035) (63,429)
(111,753) 8,850 (175,457) (278,360)
9 Other information
Olof Martin Real Estate Limited is a private company limited by shares and incorporated in England. Its registered office is:
PO Box 13342
Chelmsford
Essex
CM1 9LL
Olof Martin Real Estate Limited 11301321 false 2022-05-01 2023-04-30 2023-04-30 VT Final Accounts October 2023 release 2 C Gerlin No description of principal activity 11301321 2021-05-01 2022-04-30 11301321 core:WithinOneYear 2022-04-30 11301321 core:AfterOneYear 2022-04-30 11301321 core:ShareCapital 2022-04-30 11301321 core:RetainedEarningsAccumulatedLosses 2022-04-30 11301321 core:MoreThanFiveYears 2022-04-30 11301321 2022-05-01 2023-04-30 11301321 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11301321 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11301321 bus:Director40 2022-05-01 2023-04-30 11301321 1 2022-05-01 2023-04-30 11301321 2 2022-05-01 2023-04-30 11301321 core:LandBuildings 2022-05-01 2023-04-30 11301321 core:PlantMachinery 2022-05-01 2023-04-30 11301321 bus:Director1 2022-05-01 2023-04-30 11301321 bus:Director1 1 2022-05-01 2023-04-30 11301321 bus:Director2 2022-05-01 2023-04-30 11301321 bus:Director2 1 2022-05-01 2023-04-30 11301321 countries:England 2022-05-01 2023-04-30 11301321 bus:FRS102 2022-05-01 2023-04-30 11301321 bus:FullAccounts 2022-05-01 2023-04-30 11301321 2023-04-30 11301321 core:WithinOneYear 2023-04-30 11301321 core:AfterOneYear 2023-04-30 11301321 core:ShareCapital 2023-04-30 11301321 core:RetainedEarningsAccumulatedLosses 2023-04-30 11301321 core:LandBuildings 2023-04-30 11301321 core:PlantMachinery 2023-04-30 11301321 core:MoreThanFiveYears 2023-04-30 11301321 bus:Director1 1 2023-04-30 11301321 bus:Director2 1 2023-04-30 11301321 2022-04-30 11301321 core:LandBuildings 2022-04-30 11301321 core:PlantMachinery 2022-04-30 11301321 bus:Director1 1 2022-04-30 11301321 bus:Director2 1 2022-04-30 iso4217:GBP xbrli:pure